Market Predictions Gone Wrong
If asked in March what the Long Beach housing market would look like in May this would not have been the prediction. The COVID-19 pandemic has decreased the number of new listings by more than 50%. For example in Long Beach’s 90815 zip code there were 46 new listing in April 2019 compared to just 19 in April 2020. That is an incredible 58.7% reduction.
Housing Statistics for Long Beach (90815)
Pending sales in 2019 was 46 and in 2020 it was just 6 which a dramatic 87% decrease. Overall inventory of available homes in Long Beach as a whole has dipped by 32%.
The most unexpected housing market news is price increases. In Long Beach 90815 zip code the median sales price is up nearly 11% and the median sales price is $765,000.
Good News for Sellers and Buyers
This may not be a healthy market (no pun intended) it does seem the housing market is a bright spot in the economy. On the selling side the good news is home prices have not fallen and appear to be increasing. On the buying side the good news is there are still homes coming on the market and the prices are set at realistic prices therefore go into escrow quickly. The interest rates are still low which helps with long-term affordability. The lending is a bit tricky due to ever changing guidelines. I highly recommend you use a lender recommended by your trusted Realtor.
More Market Report to Ponder
Long Beach and surrounding areas Local Market Reports from Pacific West Association of Realtors can be found at links below. Have fun comparing and contrasting. If you have any questions do not hesitate to contact me. And if you are thinking of selling or buying in the near future definitely call me. I guarantee you will be happy you did!
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Michele “K” Kreinheder “The Hardest Working Agent in Town”